Charitable Gift Annuities
Gift Annuity Honors Wheatlake Parents
Burton Wheatlake and his sisters, Lois and Joy, practically grew up on the Westminster College campus. Their father, B. C. J. Wheatlake, was on the Westminster Board of Trustees from 1927 until his death in 1964. He was interim president of the college in 1952-53. Their mother, Florence, served on The Westminster Woman’s Board for 40 years. Both Wheatlakes earned honorary degrees for their tireless support.
While the senior Wheatlakes focused on Westminster’s success, Burton created his own identity as a student. He played basketball, football, track and tennis while earning an Associates degree in Chemistry in 1935.
Upon the deaths of Burton’s parents, family and friends commemorated their dedication to the college by creating scholarships in each of their names. Burton wanted these scholarships to be as significant as the people for whom they were named. To this end, he contacted Westminster to discuss adding funds to the scholarship funds.
Burton owned stock with significant appreciation, but he dared not sell it due to the capital gain tax obligation. Nor did he want to give the stock to Westminster outright as he would lose potential for future income. He chose a charitable gift annuity as a means of giving to his parents’ scholarships while also receiving income.
By giving the stock to Westminster, Burton avoided or postponed a large capital gain tax. The college used the proceeds from the stock to create the charitable gift annuity that will pay him 11% return on the stock’s market value for the remainder of his life. Any principle that remains at Burton’s death will be divided between the Dr. B. C. J. Wheatlake and the Dr. Florence Wheatlake Scholarships.
“An annuity with Westminster is a win-win,” says Burton. “I waived much of the capital gain tax. The income is great. And, best of all, the funds will forever honor my mom and dad.”